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Revenue | 3 Months Ended
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Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The Company’s Motion Picture and Television Production segments generate revenue principally from the licensing of content in domestic theatrical exhibitions, home entertainment (e.g., digital media and packaged media), television and international marketplaces. Revenue by Segment, Market or Product Line The table below presents revenue by segment, market or product line for the three months ended June 30, 2026 and 2025:
|  |  | Three Months Ended
|  |  | June 30,
|  |  |  |  | 2026 |  | 2025
|  |  |  |  | (Amounts in millions)
Revenue by Type: |  |  |  |  |  |  |
Motion Picture |  |  |  |  |  |  |
Theatrical |  |  |  |  | $ | 208.6 |  |  | $ | 28.7 |
Home Entertainment |  |  |  |  |  |  |
Digital Media |  |  |  |  | 153.8 |  |  | 107.8 |
Packaged Media |  |  |  |  | 9.9 |  |  | 8.1 |
Total Home Entertainment |  |  |  |  | 163.7 |  |  | 115.9 |
Television |  |  |  |  | 35.0 |  |  | 35.4 |
International |  |  |  |  | 170.7 |  |  | 81.3 |
Other |  |  |  |  | 9.3 |  |  | 6.0 |
Total Motion Picture revenues |  |  |  |  | $ | 587.3 |  |  | $ | 267.3 |
Television Production |  |  |  |  |  |  |
Television |  |  |  |  | 112.4 |  |  | 165.5 |
International |  |  |  |  | 35.3 |  |  | 46.3 |
Home Entertainment |  |  |  |  |  |  |
Digital Media |  |  |  |  | 19.9 |  |  | 52.6 |
Packaged Media |  |  |  |  | 0.5 |  |  | 1.2 |
Total Home Entertainment |  |  |  |  | 20.4 |  |  | 53.8 |
Other |  |  |  |  | 21.2 |  |  | 22.9 |
Total Television Production revenues |  |  |  |  | 189.3 |  |  | 288.5 |
Intersegment eliminations(1) |  |  |  |  | — |  |  | (29.9) |
Total revenues |  |  |  |  | $ | 776.6 |  |  | $ | 525.9 |
___________________ (1)Amounts reflect the impact of intersegment revenue from the Motion Picture and Television Production segments’ licensing of motion pictures and television programming to the former Media Networks segment prior to the Starz separation on May 6, 2025. Following the Starz Separation, licensing transactions between the Company and Starz are no longer eliminated in consolidation and are reflected in consolidated results from continuing operations. See Note 2 for details related to the Company’s continuing involvement with Starz and the impact on its revenue. Remaining Performance Obligations Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized, and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at June 30, 2026 are as follows:
| Rest of Year Ending March 31, 2027 |  | Year Ending March 31, |  |  |  |
|  | 2028 |  | 2029 |  | Thereafter |  | Total
| (Amounts in millions)
Remaining Performance Obligations | $ | 1,389.1 |  |  | $ | 324.2 |  |  | $ | 94.8 |  |  | $ | 105.0 |  |  | $ | 1,913.1 |
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration. Revenues of $102.1 million, including variable and fixed fee arrangements, were recognized during the three months ended June 30, 2026, from performance obligations satisfied prior to March 31, 2026. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and video-on-demand formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods. Accounts Receivable, Contract Assets and Deferred Revenue The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue. See the unaudited condensed consolidated balance sheets or Note 18 for accounts receivable and contract assets as of June 30, 2026 and March 31, 2026. Accounts Receivable. Accounts receivable is presented net of estimated credit losses. The Company estimates credit losses for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records an allowance for estimated credit losses expected over the lifetime of the receivables in direct operating expense. The Company performs ongoing credit evaluations and monitors its credit exposure through active review of customers’ financial condition, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectability. The Company generally does not require collateral for its trade accounts receivable. Changes in the allowance for credit losses were as follows:
| March 31, 2026 |  | Provision for credit losses |  |  |  | Uncollectible accounts written-off |  | June 30, 2026
| (Amounts in millions)
Allowance for credit losses | $ | 6.3 |  |  | $ | 3.4 |  |  |  |  | $ | (3.7) |  |  | $ | 6.0 |
Contract Assets. Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases where the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company’s customers’ audit rights to expire. See Note 18 for contract assets as of June 30, 2026 and March 31, 2026. Deferred Revenue. Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Deferred revenue as of June 30, 2026 increased as compared to March 31, 2026 due to the receipt of customers’ payments for certain motion pictures and television programs prior to the Company satisfying the corresponding performance obligation (i.e., completion and delivery of the motion pictures and television programs, and the start of the customers’ exploitation rights). Revenues of $187.2 million were recognized during the three months ended June 30, 2026, related to the balance of deferred revenue as of March 31, 2026.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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